More Money Honey I see that TOL added another million shares to the flow through offering. That is another $3M or so in the bank for the company.
While I dislike getting knocked down to the current $2.50 from $2.80, the good news is:
1. New shares issued at high price - less dilution.
2. Quick turnaround on the issue. The stock price will get out of the mud by Oct. 4th.
3. Company is all cashed up. According to Mason Granger, based on currentl drilling plans, this new $30M or so will let them exit the year with no debt. Yes, no debt. Meanwhile they continue to drill.
3. Company has ability to accelerate with the new dough, either by:
a. buying more land
b. buying a small company in the vicinity of their lands
c. drilling more wells.
You can buy shares now at $2.50 vs the issue price of $2.55. I traded in another 5,000 shares of RPL today at $2.90 for 5,500 shres of TOL at $2.50.
GLTA,
L6